Company Finalizing Settlement Agreements with Remaining Creditors; Board Further Reduces Increase in Authorized Shares
LOS ANGELES , April 4, 2014 /PRNewswire/ -- Primco Management Inc. (OTCQB: PMCM), a medical marijuana, real estate management and multi-media company, today announced that the Company has made a final cash payment to Asher for all outstanding convertible securities, now marked "Paid In Full" which result in the cancellation of over 2 billion shares in reserve and pending conversions. The remaining debt holders have agreed to terms and all transactions are expected to be completed in the coming weeks.
"Today is a major milestone in our quest to rebuild this Company," stated David Michery, CEO. "The repayment of all convertible debt with Asher cancels over 2 billion shares now held in reserve. The Board has determined that a smaller increase in the authorized is all we need to fund our future plans in medical marijuana. My words to the shareholders are: 'Yes we cannabis, paid in full!'"
The Board of Directors has announced that the Company will reduce the increase in authorized shares from 25 billion, as previously reported, to 10 billion, resulting in an increase of 5 billion shares for the future growth of the Company's medical marijuana operations. The changes will be reflected in Primco's amended 14c filing, anticipated in the next 90 to 120 days.
About Primco Management Inc.:
Through its wholly-owned subsidiaries, ESMG Inc., Top Sail Productions and D & B Music, Inc., the Company operates as an integrated entertainment company with divisions in music and film production and distribution. Primco also operates in various aspects of the real estate industry. (For additional information, visit www.primcousa.com ).
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements.
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Contact: |
David Michery, CEO, |
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(562) 565-9967 |
SOURCE Primco Management Inc.
Source: PR Newswire (April 4, 2014 - 6:35 AM EDT)
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